Note: the Intra-Day FX Forecast highlights price direction and likely price targets/stops designed for traders looking at trading opportunities over the next several hours. These are not official trade recommendations, merely guidelines and forecasts
North American Short-Term Outlook:
- Dollar Index (DXC): Neutral no change: I have been looking at this index every which way for the last 24-hours and I am stumped. That is OK though, we can make trades without guidance from DXC - i.e. EUR/GBP & EUR/AUD. I will keep looking at it, but for now, a big head scratch.
- USD/JPY: Neutral to Bearish there was some modest downside yesterday with weak S&P's and a generally 'weak' DXC, but it was not terribly convincing. Regardless, for clients who keep a close eye on the market, USD/JPY could still come into play (short) if the S&P's remain weak into Friday's session.
- NZD/USD: Neutral to Bullish the current correction lower should find support at the .8629-.8586 area. As along as .8574 is not breached, the uptrend should resume.
- EUR/GBP: Neutral to Bearish hopefully prices rebound a bit so we can get short. Hate to chase at these levels, but let's wait and see what happens today.
- AUD/USD: Neutral to Bullish the .9423 target from Wednesday has essentially been tagged. Prices are now pulling-back towards the forecast .9369-9342 area. I will consider getting long into this support zone. Prices need to remain above .9328 to keep the bullish count alive.
Dave
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